IMF: African Countries Are Ready to Launch CBDCs
According to the International Monetary Fund, several countries in Africa have announced plans to launch their own digital currencies (CBDCs) by 2028.
The IMF press center reports that six sub-Saharan countries have already established experimental legal frameworks for CBDCs and are working towards making them accessible to their citizens.
These countries hope to improve access to financial services by implementing digital currencies. The plan is to test these currencies for five years before gradually integrating them into the existing payment system. The IMF also noted the growing interest in blockchain technology in Africa.
However, legal adjustments will be necessary for the full implementation of CBDCs in the region. 55% of central banks surveyed by the IMF have expressed readiness to make necessary changes to their regulatory frameworks.
Experts believe that the emergence of CBDCs will reduce the global influence of the US dollar. In a report published in January, financial services firm Morgan Stanley supported this idea and predicted an increase in the use of both national digital currencies and stablecoins in the near future.
